Macro interpretation: Last night, the US stock and bond markets were closed for the holiday, but the Asian stock markets were unusually active. South Korea, India, and Taiwan's stock markets all hit record highs. The UK's service industry inflation data was strong, indicating economic resilience. The US dollar index remained stable, and the Japanese yen fell slightly. The US API crude oil inventories unexpectedly increased, causing Brent oil prices to pull back. Gold prices edged lower, but basic metals in London generally rose.

Of note, TSMC's market value is approaching the trillion-dollar mark, and institutions continue to be optimistic about its prospects. The recent news that Nvidia's market value has surpassed Apple's has also sparked industry discussions. Behind this change is the soaring demand for high-performance chips, with enormous potential in the AI server market. From the industry trend perspective, the average price of AI servers is expected to jump from $10,000 to $100,000, indicating that the future server market space will surpass the trillion-dollar mark. This change not only reflects the speed of technological progress but also heralds a profound transformation in the structure of the ICT industry. The server market is gradually replacing smartphones as the new protagonist of the ICT industry, signaling a new landscape for future technological competition.

From last week to the present, we have mentioned multiple times that Nvidia, as a giant in the AI industry, will also have a linked impact on the AI and technology sector-related project tokens in the cryptocurrency market. We have also consistently advised to keep a close watch. Intraday, AI concept tokens, aside from the newly listed AIMN, surged by 860%, and the three giants FET, AGIX, and OCEAN also saw around a 20% increase. Of course, in addition to external market factors, the three giants themselves also have favorable news approaching. According to official news from Fetch.AI, SingularityNET, and Ocean Protocol, the final date for the merger of their tokens is July 15, 2024. The existing FET, AGIX, and OCEAN tokens will continue to trade independently on exchanges. Once the third-party integration is completed, the ASI token will be launched, and FET, AGIX, and OCEAN will cease independent trading and merge into the ASI token.

Therefore, with the market's positive expectations, there is a scramble for trading opportunities before the merger of the three, and once the merger is completed in mid-July next month, we will see only the unified ASI. Considering that the current market values of the three are ranked 63, 86, and 140, if the merger is completed, we may see the emergence of a true leading cryptocurrency. Roughly calculated, based on the current market values, the combined market value of the three will reach around $2.43 billion, making them second only to RNDR's $2.86 billion in the AI concept sector. If the three continue to rise in the near future, then ASI's future market performance may rise to the top, further ranking among the top 30 cryptocurrencies by market capitalization. Therefore, it is advisable to focus on buying opportunities for any one of the three in the near term and await the realization of the merger's positive impact. Be careful not to buy all three and not to put all your eggs in one basket.

Data analysis:

CryptoQuant data: As of June 19, the balance of Bitcoin on trading platforms has dropped to a three-year low of 2,825,703 BTC. In January 2024, the balance of Bitcoin on trading platforms hovered around 3,039,000 BTC. The low trading platform reserves indicate low selling pressure and potential supply shocks.

Regarding the BTC balance data on exchanges, we have shared some information in the community before: The current exchange balance data has some distortion. For example, the data for various countries' spot ETFs will not be included in the exchange balance, but essentially, they are also traded on the secondary market. Roughly speaking, the current scale of BTC held by various spot ETFs exceeds 1 million BTC. It's just a transfer from one pool to another. The balance of BTC on exchanges has only fluctuated around 2.8-3 million BTC in the past two years. Sometimes more exchanges are included in the statistics, and sometimes fewer exchanges are included, due to changes in criteria. In the past, only the data for the top ten CEX exchanges was roughly around 1.8-2 million BTC. With a scale of 1 million BTC in spot ETFs circulating on exchanges, according to two different criteria, it already accounts for nearly half or more than one-third of the total scale. Therefore, comprehensive consideration is needed.

So we believe that fundamentally, the BTC circulating in the secondary market has not really decreased, it has just been transferred to trade ETF shares on traditional financial markets such as the NYSE, CME, and NASDAQ, and these trades will directly affect BTC trading, without causing a significant decrease in the actual circulation of BTC on the market. This is also the reason why the on-exchange balance data is decreasing, but the price of the coin has not risen significantly.

[Spot] It is recommended to focus on the buying opportunities for FET, AGIX, and OCEAN in the near term.

For real-time strategy tracking and specific trading points, please pay attention to the community. External information is for reference only.

Disclaimer: The strategy represents only personal subjective opinions, is for reference only, and does not constitute a basis for trading. Any operations based on this information are at your own risk.

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